Monthly Payment on a $100K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$100K Mortgage in Maine: Rate Comparison
Monthly PITI payment using Maine's 1.3% property tax and $1,300/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $811 | $780 | $671 |
| 6.0% | $842 | $809 | $696 |
| 6.5% | $873 | $838 | $722 |
| 7.0% | $904 | $868 | $749 |
| 7.5% | $936 | $898 | $776 |
| 8.0% | $969 | $930 | $804 |
How This Compares to Maine's Median
A $100K home is 71% below Maine's median of $350K. This is well within reach in many Maine communities.
Income Needed for a $100K Home in Maine
To afford this payment of $838/mo in Maine, you'd need a household income of approximately $36K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Maine
Estimated closing costs in Maine: $2K (1.5% of purchase price). Maine also charges a 0.44% transfer tax, which may add $440 to your transaction costs.
What to Know About a $100K Mortgage in Maine
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Maine's 1.3% property tax ($108/mo) and $1,300/yr insurance ($108/mo) brings your total to $838/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.